Any agreement between the Ohio school facilities commission and the board of
trustees of a college-preparatory boarding school to provide facilities
assistance under section 3318.60 or 3318.61 of the Revised Code shall include
the following stipulations:

(A)
If the school ceases its operations, the school's
board of trustees may permit the classroom facilities to be used for only an
alternative public purpose, including, but not limited to, primary, secondary,
vocational, or higher education services.

(B)
If the school ceases its operations due to either the
failure of the school's operator to comply with any of the requirements of the
contract prescribed under section 3328.12 of the Revised Code or the default by
the school's board of trustees on an underlying leasehold or mortgage
agreement, the school's board of trustees shall return to the commission the
unamortized portion of the state funds provided to the board of trustees under
this chapter, based on a straight-line depreciation over the first eighteen
years of occupancy. However, if, within twenty-four months after the school's
cessation from operation, the classroom facilities of a college-preparatory
boarding school are used for an alternative public purpose as prescribed by
division (A) of this section, no return of funds by the board of trustees under
this division shall be required.